Myricx Bio, a London, UK-based biotech company focusing on the discovery and development of a novel payload class for antibody-drug conjugates (ADCs), raised £90M ($114M) in Series A funding.
The round was led by Novo Holdings and Abingworth, with additional new investors British Patient Capital (BPC), Eli Lilly & Company, and current investors Sofinnova Partners and Brandon Capital.
Founded by Prof Ed Tate, Dr Roberto Solari and Dr Andrew Bell and led by Chief Executive Officer Dr Robin Carr, Myricx Bio is a UK biotech company focused on the discovery and development of a completely novel class of payloads for antibody-drug conjugates (ADCs), based on inhibitors of N-myristoyltransferases (NMT) for the treatment of cancer.
NMT is an enzyme that adds a specific lipid modification to a number of protein targets key to cancer cell survival. The ADC field is currently dominated by two key payload classes, microtubule and topoisomerase inhibitors, with patients susceptible to the acquired resistance leading to the need for greater payload diversification with a novel, orthogonal and differentiated mechanism of action.
Myricx has shown that NMTi ADCs achieve complete and durable tumor regressions, at well tolerated doses, in multiple solid cancer models that are refractory to topoisomerase inhibitor-based ADCs. In addition, NMTi ADCs demonstrate potent bystander activity, and deliver high efficacy in patient-derived xenograft (PDX) organoid models across a broad range of antigen expression levels.
The company intends to use the funds to advance its proprietary pipeline of N-Myristoyltransferase inhibitor (NMTi) ADCs through clinical proof of concept, targeting clinically validated tumor-associated antigens and addressing unmet needs in oncology.
Myricx is a spinout from Imperial College London and the Francis Crick Institute. The company will establish laboratory operations in London and expand its Management and R&D teams.
FinSMEs
08/07/2024